- The Bored Apes Yacht Club NFT collection experienced a significant price decline of over 90%, dropping from a peak of 120 ETH to just over 10 ETH. This decline reflects a broader waning interest in Ethereum-based NFT collections.Despite the hype and celebrity endorsements, the Bored Apes collection has seen a substantial decrease in value, with factors such as waning retail interest and the rise of newer collections on Bitcoin and Solana contributing to the decline.
In simpler terms, popular digital art pieces from last year have dropped in value by an astonishing 90%, revealing the volatile nature of trending crypto markets.
The cheapest NFT from the Bored Apes Yacht Club collection, or BAYC, was priced at more than 10 ether (ETH) on Tuesday, marking a significant decrease from its previous average price of approximately 120 ether in May 2022.
In simple terms, the decrease in value for Ether from May 2022 to present day is similar when expressed in US dollar amounts. For instance, one Ether was valued at approximately $3,000 during May 2022 and around $3,000 currently in Asian morning hours on Tuesday. This translates to a single NFT being worth over $400,000 back then, while its value now stands at around $30,000.
According to CryptoSlam’s data, daily trading volumes have hovered around the $1 million mark since the beginning of 2022. Approximately one fifth of this collection is owned by just ten separate digital wallets.
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The interest in Ethereum NFT collections is dwindling, as indicated by a decrease in Google searches. On the other hand, emerging NFT collections on Bitcoin and Solana are attracting more investor attention.
The rise of the apes and subsequent decline
A set called Bored Apes comprises 10,000 unique digital monkeys residing on the Ethereum blockchain. These monkeys are depicted as cartoon characters, each created using an intricate algorithm. What makes these apes special is their distinct characteristics – some more scarce than others, adding to their worth.
Owners can enjoy perks like entering an exclusive digital community through an online platform or attending real-life gatherings. Displaying an NFT as a profile image is also a popular way to flaunt one’s affluence in the virtual world.
In the 2021 cryptocurrency boom, Bored Ape NFTs gained significant fame. Notable personalities, including celebrities and musicians, snapped up these NFTs for more than $300,000 each. For instance, popular rappers showcased their Bored Apes in virtual spaces, while Justin Bieber splurged over $1.2 million on a supposedly rare one.
In June 2023, it was alleged that crypto firm MoonPay might have given certain celebrities Bored Ape NFTs as gifts. This possibility could negatively impact investors’ trust. MoonPay refuted these accusations then.
Currently, Bored Ape NFTs hold the number one spot among Ethereum collections, boasting a market cap of $340 million as of Tuesday.
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2024-04-16 11:31